Groupama’s Impressive Financial Results for 2024
French insurer Groupama has unveiled its annual financial outcomes for 2024, showcasing a substantial net income of €961 million and an economic operating income of €954 million, reflecting an increase of €52 million despite moderate weather-related losses.
Growth in economic operating income was primarily driven by Property and Casualty (P&C) insurance, which contributed €429 million, and health and protection insurance, which added €299 million.
As of December 31, 2024, Groupama’s combined premium income reached €18.5 billion, marking an impressive 8.9% rise compared to the previous year. This growth was fueled by significant gains in three key sectors:
- Property and casualty insurance expanded by 5.2%, reaching €9,241 million.
- The health & protection insurance sector saw a remarkable surge of 15.2%, reaching €5,900 million.
- The savings & pensions business demonstrated a return to growth with an 8.1% increase.
In France, the total insurance premium income grew by 8.9% to €15.2 billion in comparison to 2023. The P&C sector experienced a 4.3% rise, amounting to €7.0 billion by the year’s end. This was largely driven by notable increases in business and local authority insurance (+8.1%), home insurance (+5.1%), as well as moderate growth in motor insurance (+2.8%) and agricultural insurance (+2.9%).
Moreover, the health & protection business witnessed substantial expansion of 14.8%, reaching €5.5 billion by the end of 2024, spurred by growth in both group health (+23.5%) and individual health (+7.2%).
Internationally, by the conclusion of 2024, Groupama’s business reached €3.1 billion, benefiting from robust growth in Hungary (+19.1%), alongside consistent growth in Romania (+7.4%) and Italy (+5.9%).
P&C insurance premium income increased by 8.2%, reaching €2.3 billion in 2024, propelled by P&C insurance for businesses and local authorities (+15.6%), particularly in Romania, motor insurance (+6.7%) with significant growth in Hungary, Bulgaria, and Italy, as well as strong performances in home insurance (+11.7%), especially in Greece and Bulgaria.
Savings & pensions premium income remained stable at €0.5 billion, experiencing a slight 0.6% decrease. The health and protection business saw substantial growth of 21.8%, reaching €0.4 billion.
The group’s non-life combined ratio for 2024 showed a favorable improvement of 1.7 points from 2023, reaching 95.1%, attributed to a decrease in natural disaster-related claims net of reinsurance (from €968 million in 2023 to €637 million in 2024), improved attritional loss experience, and increased prior year reserve bonuses.
Economic operating income from savings & pensions was €327 million in 2024, benefiting notably from the result of the PREFON Retraite reinsurance treaty share switch from Groupama Gan Vie to CNP Retraite, effective from January 1, 2024.
In 2024, economic operating income from financial activities was +€44 million, while the Group’s holding company activities recorded -€146 million. Net income, including non-recurring items, totaled €961 million, compared to €510 million in 2023.
Laurent Poupart, Chairman of the Board of Directors of Groupama Assurances Mutuelles, commented, “Groupama is delivering outstanding results, both in terms of revenue growth and profitability. Despite a turbulent economic and geopolitical landscape, the group demonstrates the resilience and strength of its mutual model, which underpins an ambitious development strategy and future investments. I extend my gratitude to our elected representatives and employees for their dedication.”
Thierry Martel, CEO of Groupama Assurances Mutuelles, added, “The group’s results are exceptionally positive, with net income bolstered by robust operating income from our insurance activities. These achievements are the result of contributions from all our operations, including property and casualty, as well as life and health insurance, both in France and internationally. They empower us to navigate the complex and uncertain economic environment on strong foundations and generate investment capacity for our development.”
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